North Carolina Down Payment Support Systems

Online Payments - The North Carolina Housing Finance Agency has two amazing plans for First Time Home Buyers. These systems are the deposit Assistance Program as well as the Mortgage Credit Certificate.

You buy a house and December 1, 2009 and if you meet the requirements for one of the plans, you might also qualify for the $8,000 tax credit just enacted into law.

First, who is a first-time Home Buyer? There is a first-time Home Buyer someone who has not owned a home in the prior three years. It is precisely the same qualifying definition for the $8,000 tax credit.

It is possible to claim 20% of the interest you pay on your own mortgage as a credit in your federal income taxes if you are eligible for the MCC. It is possible to save as much as $2,000 on your taxes.

You will have the ability to join this with the $8,000 tax credit should you qualify for 2009. This could reduce a purchaser's tax liability .

Household income is defined as the “gross income of the mortgagor and every other person anticipated to live in the home who is 18 years old or older.”

The income and house price limits that apply in Durham, Orange and Chatham Counties are given below.

MCC Income Limitations 1 Person $61,500 2 Men $61,500 3 Men $70,500 4 Persons $70,500

MCC Sales Price Limits New Home $220,000 Existing House $210,000

The customer only has to pay and the load would pay up to .

This plan has stricter income limitations than the MCC program outlined above. Like the MCC application, it might be used in combination with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The deposit assistance, however, can not be utilized in conjunction with the MCC. That is an either or situation.

The income and house price limitations Durham and Chatham Counties are given below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Persons $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Assistance Sales Price Limits New House $210,000 Existing Residence $210,000